Sept 28 (Reuters) - Billtrust owner BTRS Holdings Inc
said on Wednesday it will be acquired by EQT Private
Equity in an all-cash transaction, valuing its equity at nearly
Shareholders of the business payments vendor will receive
$9.50 per share in cash upon the closing of the transaction, a
64% premium to its last closing price. BTRS' shares soared 60.1%
in early trading.
Reuters had reported in July that the Lawrenceville, New
Jersey-based company was exploring options that include a
potential sale to a private equity firm.
Billtrust's move comes as payment companies take valuation
hits from bearish outlooks in high-growth tech stocks, with
Swedish firm Klarna's valuation dropping to $6.7 billion from
$46 billion during its funding round in July.
BTRS' shares too are down nearly 70% from peaks scaled in
February 2021 as the COVID-led digital payments boom eased
subsequently. The company had gone public after merging with a
special purpose acquisition company in January 2021.
Shares of other digital payment giants have also been
hammered. PayPal Holdings Inc has shed 50%, while Block
Inc has plummeted more than 60% so far this year.
Billtrust provides a cloud-based software that helps
businesses shift from paper invoicing to an integrated digital
payments system. It employs more than 760 people in seven
countries, according to its website.
EQT, meanwhile, manages 77 billion euros ($73.91 billion) in
assets as of June 30 this year, with portfolio companies in
Europe, Asia-Pacific and the Americas.
($1 = 1.0418 euros)
(Reporting by Mehnaz Yasmin in Bengaluru)